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Why the rich will be worried about Joe Biden’s next move
US President Joe Biden will roll out a plan to raise taxes on the wealthiest Americans including the largest-ever increase in levies on investment gains.
The increase will go towards funding $1-trillion in childcare, pre-kindergarten and paid leave for workers.
The plan is part of the White House’s push for a sweeping overhaul of the U.S. tax system to make rich people and big companies pay more and help foot the bill for Biden’s ambitious economic agenda.
The proposal calls for increasing the top marginal income tax rate to 39.6% from 37%